Grandpa Walton's monthly pension check into his bank account is performing the function of A. Store of Value.
What are the different functions of money?
- Standard of Value – The amount of money required to obtain a good or service is used to determine its worth. This makes the exchange a profitable endeavor for both parties.
- Store of Value – Saving money allows you to save some of your purchasing power for use in the future. Through saving, you can use your present income for both immediate and future consumption.
- The Standard of Deferred Payments – In both lending and borrowing, money is crucial. Money is borrowed and returned after a period of time.
- A medium of Exchange – The role of money as a middleman in a trade economy. It facilitates and streamlines the exchange system. The amount of money required to obtain a good or service is used to determine its worth. This makes the exchange a profitable endeavor for both parties.
- Unit of account - Money has the quality of being utilized as an accounting unit. The implication is that financial transactions and the worth of the products and services produced in a nation over time are both measured and recorded in terms of money.
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